博瑞医药2024年中报点评：稳健增长，BGM0504有望迎来催化

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 29.12 RMB, based on a 56x P/E ratio for 2024 [2][4] Core Views - Revenue showed steady growth, with H1 2024 revenue reaching 658 million RMB (+11.95% YoY), while net profit attributable to the parent company was 106 million RMB (-2.81% YoY) [1] - Q2 2024 saw improved profitability, with net profit attributable to the parent company increasing by 9.37% YoY to 42 million RMB [1] - The company's gross margin remained stable at 55.30% in H1 2024, slightly down by 0.73 percentage points YoY [1] - API business remained stable, with API product revenue reaching 504 million RMB (+14.04% YoY), while formulation products grew rapidly, with revenue of 110 million RMB (+30.38% YoY) [1] - R&D investment increased significantly, with H1 2024 R&D expenses reaching 143 million RMB (+38.09% YoY), accounting for 21.71% of revenue [1] - BGM0504 injection, a key innovative drug, completed Phase II clinical trials for type 2 diabetes and weight loss indications, with data expected in H2 2024 [1] Financial Performance - Revenue is expected to grow steadily, with 2024E revenue projected at 1,343 million RMB (+13.9% YoY) [3] - Net profit attributable to the parent company is forecasted to reach 219 million RMB in 2024E (+8.0% YoY) [3] - EPS is projected to be 0.52 RMB in 2024E, increasing to 0.71 RMB by 2026E [3] - Gross margin is expected to remain above 53%, with 2024E gross margin at 55.2% [3] - ROE is forecasted to improve from 8.8% in 2024E to 10.0% in 2026E [3] Business Segments - Anti-fungal products showed strong growth, with revenue increasing by 66.82% YoY [1] - Immunosuppressive products also performed well, with revenue up 71.01% YoY [1] - Anti-viral products, particularly oseltamivir API, saw a 28.02% YoY decline due to flu trend changes [1] - Formulation products, including oseltamivir phosphate capsules and eribulin mesylate injection, contributed significantly to growth [1] R&D Progress - BGM0504 injection, a key innovative drug, completed Phase II clinical trials for type 2 diabetes and weight loss indications [1] - Innovative drugs and inhalation formulations accounted for 53.04% of total R&D expenses, with a 105.25% YoY increase in investment [1] - The company continues to focus on innovative drug development and inhalation formulations [1]